SKS Microfinance Ltd has informed the Bombay Stock Exchange that Ranjana Kumar has been appointed an Independent Director on the company Board with effect from March 8.
Ranjana Kumar served as the Chairperson of Indian Bank and NABARD. She also held the constitutional post of Vigilance Commissioner in the Central Vigilance Commission.
TO APPEAL order
In a separate notification to the BSE, SKS has said the Insurance Regulatory and Development Authority (in its order dated February 19) has dropped all charges against the company, except in one instance where the regulator has imposed a penalty of Rs 50 lakh. In the order, IRDA has stated that it was taking into account the work being done by the company in the micro insurance sector.
SKS Microfinance has stated that it paid the penalty to the IRDA with a request to permit it to file a review petition asking to drop the said charges.